Bahamas: Government Hosts Financial Services Industry Briefing

The Bahamas government hosted an Industry Briefing Session on
Base Erosion and Profit Shifting (BEPS) and other International
Initiatives facing the financial services sector. Remarks were
brought by the Deputy Prime Minister and Minister of Finance, Hon.
K. Peter Turnquest, The Attorney General, Hon. Carl Wilshire Bethel
Q.C. and The Minister of Financial Services, Trade, industry and
Immigration – Hon. T. Brent Symonette.

Deputy Prime Minister and Minister of Finance, Hon. Peter
Turnquest in opening the briefing session indicated that the
government was proactively dealing with matters relative to the
financial services to avoid The Bahamas being in a reactive mode.
He outlined that as a matter of priority we must determine our
position on Base Erosion and Profit Shifting (BEPS).

Hon. T. Brent Symonette indicated that efforts are well underway
with respect to improving efficiencies in Immigration processes,
implementation of the Common Reporting Standards, Arbitration,
Centre for Excellence, Enhancement of government agencies to
facilitate ease of process and the ease of doing business as we
seek to reposition the industry for growth.

The Attorney General, Hon. Carl Bethel, gave a legislative
update on items that would impact the industry including the
Proceeds of Crime Bill 2017 and the Financial Transactions
Reporting Bill 2017. Attorney General Bethel stressed that
embracing change was key to the growth of the sector. The
Honourable Attorney General shared that the legislative changes are
being made to some extent to address opportunities identified
during the Bahamas' recent Caribbean Action Task Force (CFATF)
Mutual Evaluation which took place in 2016. However, the ultimate
objective is proactively address emerging identified risks facing
the sector.

Base Erosion and Profit Shifting (BEPS) A presentation on BEPS
what BEPS is, what is driving the initiatives and the steps that
must be taken by the Bahamas to implement BEPS minimum standards
were outlined.

Base Erosion and Profit shifting (BEPS) has been defined by the
OECD as tax avoidance strategies that exploit gaps and mismatches
in tax rules to artificially shift profits to low or no-tax
locations. Under the inclusive framework, over 100 countries and
jurisdictions are collaborating to implement the BEPS measures and
tackle BEPS. The Bahamas will have to indicate a definitive
position on BEPS by December 2017. The BEPS Package consisting of
reports on 15 actions designed to be implemented globally into
domestic legislation and through tax treaty provisions. In
committing to BEPS, countries can select to commit to 4 minimum
standards:

The CEO & Executive Director of BFSB, Miss Tanya McCartney
in response to the industry briefing stated that: "Since the
new administration came to office we have been in dialogue on the
key priorities for the financial services sector. We have shared a
strategic plan with the government which highlights the key levers
that must be addressed as we seek to reposition this important
pillar of our economy. We are pleased that ease of doing business
and immigration policy and process reform are being given focused
attention. We also see the need for a review of The Bahamas'
tax system with the objective of rationalizing it, enabling the
Bahamas to enter into bilateral investment agreement and tax
treaties that are beneficial tothe overall economy. Further, it is
imperative that we get ahead of the regulatory initiatives that
face our sector."

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